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  • SBI Home Loan

    SBI Home Loan
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    State Bank of India (SBI), has many home loan schemes tailored to the needs of customers including SBI Maxgain, SBI Realty, SBI Home Plus & NRI Home Loans. Some of the advantages of an SBI housing loan are low interest rates with interest on daily reducing balance, low processing fees, no hidden cost & no administrative charges, plus zero prepayment penalties. View more details about SBI home loan below.


    You’re probably eligible for an SBI Home Loan if you are

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    SBI Home Loan Minimum Age

    At least 18 years old

     SBI Home Loan Maximum Age

    Less than 60 years old

    SBI Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    SBI Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your SBI Home Loan amount eligibility is based on these factors

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    SBI Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    SBI Home Loan Maximum Loan to property value

    Loan capped @ 75% to 90%
    of property value

    SBI Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible SBI Home Loan amount by these steps

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    SBI Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    SBI Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    SBI Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an SBI Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee cheque
    • 4. Last 6 months bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 months salary-slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Education qualification certificate & proof of business existence
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    SBI Home Loan Interest RatesUpdated on 08 Feb 2016

    SBI Home Loan Details
    Interest Rate (Floating) For women - 9.50%
    For General Customers - 9.55%
    Processing Fees Zero Processing Fees
    Loan Tenure 30 years
    Pre-closure Charges Nil
    Partial Pre-Payment Charges Nil
    Guarantor Requirement No Guarantor Required

    Overview of SBI:

    State Bank of India (SBI) is a government owned banking and financial service organization. The bank is headquartered in Mumbai and is the largest banking institution of India in terms of assets. The bank has a massive presence in the country with over 17,000 branches spread across the nation’s length and breadth. Not only this, the bank has a huge international presence too with branches in over 34 countries of the world. SBI caters to a large base of individual and corporate clients and has operations in the fields of personal banking, investment banking, corporate banking, asset management and so on.

    SBI Home Loans:

    State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Low interest rates, flexible payment options and zero hidden charges are some of the features that lend to the popularity of SBI home loans.

    With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from.

    New SBI Bank Home Loan Interest Rate:

    As India’s premier public sector bank, the State Bank of India (SBI) has always been an enduring favorite amongst the masses, thanks majorly to the appealing and competitive interest rates offered on its home loan products. Starting 5th October 2015, the aforementioned interest rates stand at 9.50% p.a and 9.55% p.a for female and male applicants respectively. These rates are irrespective of the actual loan amount.

    SBI Home Loan Schemes:

    SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.

    • SBI MaxGain Home Loan:
    • The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.


      Features:
      • Min. Loan Amount – 5 lacs
      • Max. Loan Amount – No upper limit
      • Interest Rate – 0.25% over and above the existing home loan interest
      • Higher Liquidity, Savings on total interest paid
      • Pre-closure Charges - Nil
      • Interest Rate – Floating 10.15%

    • SBI Yuva Home Loan
    • This SBI home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.


      Features:
      • Eligibility – 21-45 years
      • Minimum Income – Rs.30,000 per month
      • Pre-closure Charges - Nil
      • Interest Rate – Floating 10.15%

    • SBI NRI Home Loan
    • As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.


      Features:
      • Min. Loan Amount – 3 lacs
      • Max. Loan Amount – No upper limit
      • Eligibility – NRI or PIO
      • Pre-closure Charges - Nil
      • Interest Rate – Floating 10.15%

    • SBI Realty:
    • This SBI loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.


      Features:
      • Max. Loan Amount – 15 crores
      • Loan Tenure – Up to 15 years
      • Pre-closure Charges - Nil
      • Interest Rate – Floating 10.15%

    • SBI PAL
    • This is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.


      Features:
      • Eligibility – Depends on the annual income of the applicant
      • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
      • Min Loan Amount – 10 Lacs
      • Max Loan Amount – No upper limit
      • Pre-closure Charges - Nil
      • Interest Rate – Floating 10.15%

    • Her Ghar Home Loan:
    • This is a home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.


      Features:
      • Loan Tenure – 30 years
      • Interest Rate – 9.85%
      • Pre-Payment Charges - Nil

    More Housing Loans from SBI:

    Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.

    Here are a few such housing schemes offered by SBI-

    • SBI Tribal Plus:
    • This housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.


      Features:
      • Min. Amount – nil
      • Max. Amount- 10 lacs
      • Repayment Period – up to 15 years

    • GRAM NIWAS:
    • The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.


      Features:
      • Min. Amount – nil
      • Max. Amount- 5 lacs
      • Repayment Period – up to 15 years

    • SAHYOG NIWAS:
    • Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.


      Features:
      • Min. Amount – nil
      • Max. Amount- 50,000 per person of the self-help group

    Significant Features of SBI Home Loans:

    • Lower interest rates as compared to other contemporary banks
    • Low processing fees
    • No hidden charges or administration fees
    • Nil pre-closure charges making repayment easier and more flexible
    • A huge network of branches across the nation making it convenient to visit a SBI branch
    • Exclusive packages depending upon individual needs of customers
    • Interest is calculated on daily reducing basis which lowers the overall interest paid

    Documents required applicable to all loan seekers:

    • Duly filled loan application
    • 3 passport-size photographs
    • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
    • Proof of Residence (Current Address Proof)
    • Bank Statement for last 6 months
    • Personal assets and liabilities declaration
    • Proof of property
    • Income Tax Proofs (If required)
    • Signature Identification from present banker

    Documents required for Guarantor:

    • Assets and liabilities Statement
    • 2 passport-size photographs
    • Identity Proof
    • Address Proof
    • Signature Identification from present banker

    FAQ Section:

    Frequently asked questions about SBI Home Loan.


    How can I decide which SBI home loan fits my requirement?

    BankBazaar gives you the option of comparing home loan schemes and an online EMI calculator to help you plan your finances well in advance before availing a home loan.


    What are the various interest rates offered on home loans?

    Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.50% p.a while other customers are charged a interest rate of 9.55% p.a. These rates are irrespective of the actual loan amount.


    What is the processing fee charged by SBI for home loans?

    SBI charges a low processing fee for its home loans. 0.25% of the loan amount is charged. The amount can be anywhere between Rs.1,000 to Rs.10,000.


    Can I pay off my SBI home loan earlier than the initial tenure?

    Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.


    Is there any security required for the SBI home loan?

    Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.


    Is a guarantor required to sign my loan application?

    Yes. A guarantor with all the valid and required documents need to sign your loan application.


    What kind of job makes me eligible for SBI home loan?

    You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.


    Can joint-applications be made for SBI Home Loans?

    Yes. Joint applicants are welcome at SBI.


    Are there any tax benefits associated with SBI home loan?

    Yes. Tax rebate under section 80C of the Income Tax Act is applicable.


    Are long-term home loans beneficial or short-term loans?

    Long-term loans are beneficial in giving you the option and comfort of lower EMIs, however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.


    How long does it take for my loan to get sanctioned?

    If all the required documents are in place then your SBI home loan can be sanctioned in a few days.


    Where can I apply for SBI home loan?

    With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.

    Before you apply for the loan, Check your CIBIL Score for SBI Home Loan

    News About SBI Home Loan

    • SBI has introduced a new home loan scheme called ‘FlexiPay’

      On February 1st, State Bank of India launched a new home loan scheme called ‘SBI FlexiPay Home Loan’. It is designed for young working executives/ professionals. This schemes allows borrowers to avail a higher loan amount than what they would normally be eligible for with a normal home loan. Additionally, this scheme has the option of step-up monthly repayments. SBI claims that with the additional loan amount available with the ‘FlexiPay’, borrowers can attain a better space than they would normally be able to.

      What’s more, borrowers do not have bear the weight a higher monthly repayments (EMIs), because SBI FlexiPay Home Loan customers will have the option of only paying the interest through the moratorium period (pre-EMI). This will be the case for between three to five years from the time the loan is obtained.

      3rd February, 2016

    • Get your ‘Ek Manzil of Sapna’ with SBI home loans

      India is striving towards a borough housing development story and a growing number of customers are partaking in this by capitalizing in and/ or purchasing their dream homes. The need for new houses and reduced interest rates appear to be pushing up housing finance growth with each year. Lately the market has also viewed a considerable boost in the sum of ambitious young home owners. To extend services to these youngsters (probably first time house owners) and tap this pulsating clientele, State Bank of India, the largest public bank in the country, broadcasted a new ad endorsement to talk about the easily accessible SBI home loans are. Intellectualized and implemented by DDB Mudra West, the promotion has been designed around everyone’s dream to own their space (‘Har kisi ka hota hai ek manzil of sapna’) and to motivate a liberal, sensitive and dynamic tête-à-tête between these hopeful home buyers and the bank, while trying to deliver them with solution-based housing loan choices.

      27th January, 2016

    • SBI, 8 BB meet to provide swift home loans for Safa Valley flats

      Regional Manager (Area V) of SBI, Mr. A K Razdan has led a meeting held in Udhampur in association with the partnership of the bank with Eight Boundaries Builders Private Limited for their ambitious project ‘Safa Valley’ in Jammu for delivering stress free home loans to the clients. While delivering a speech on the occasion, 8 BB’s General Manager, Mr. Amir Suharwardy, said that their slogan is to offer homes of global standards, which would not have been conceivable without the immense support of SBI. As their way of expressing gratitude, they are offering special rebates for SBI staffs.

      19th January, 2016

    • SBI Plans To Provide Home Loans Worth 500 Cr In Odisha

      State Bank of India, the nation’s leading public sector bank plans to extend home loans worth Rs 500 crore in the state of Orissa for the year 2015-2016. According to reports, the bank has already provided home loans worth Rs 280 crore in the state, a figure which it plans to increase to Rs 500 crore before the closing of the fiscal year in 2016.

      In the year 2014-2015, SBI has already extended Rs 400 crore worth of home loans in the Odisha. The rate of Non- Performing Assets (NPA) currently ranges between one percent to two percent in the state. However, the bank has, to date, provided finance up to the amount Rs 3325 crore under its home loan portfolio.

      Keeping in mind the rising home financing needs of the customers, SBI recently organized ‘Utsav’, a property expo, in Bhubaneswar. The event which took place from December 11th to 13th, witnessed participation in large numbers by builders and developers associated with the National Real Estate Development Council (NAREDCO), Developers Association of Odisha and the Confederation of Real Estate Developers Associations of India (CREDAI). The event was quite a success, with bookings done for about 200 housing units and loans sanctioned up to amounts of Rs 30-40 crore.

      In Orissa, state Bank of India features a network of over 800 branches, along with an NPA rate of over 6%. Majority of the slippages can be attributed to the sectors like agriculture sector, MSME sector (micro, small & medium enterprises), education loans, etc.

      10th December, 2015

    • SBI seeks Approval to re-introduce Teaser Home Loans at Sub-Base Rate

      State Bank of India has raised the pitch for teaser, low-cost home loans that was made available once in 2010 after the Global Financial Crisis. These home loans offered low rate of interest during the initial phase of three years after which the loan was moved to the prevailing rates. The interest rate was fixed for a pre-determined period (commonly, three years) and then reverted to the floating rates. Now, State Bank of India is seeking approval to re-introduce home loans at sub-base rate. In 2011, SBI discontinued the teaser loan schemes after concerns were raised over the quality of loan portfolio. Currently, SBI’s base interest rate for home loans stands at 9.70%.

      Want to apply for a SBI Home Loan? Check out customized deal options at BankBazaar, also instantly apply for a SBI Home Loan. You can try our proprietary online home loan EMI calculator and plan your budget in advance.

      2nd November 2015

    • SBI to levy up to 10 percent for home loans

      Though SBI has slashed its base lending rate by 40 basis points to 9.3 percent thanks to the RBI’s most recent repo rate cut, there is a slight hitch. The housing loan users of the country’s top public bank will be forced to shell out up to .7 percent exceeding the base rate aside from interest of at least 10 percent of their loan amount. And if you go by this calculation, the real cut in home loan rate will not be more than 20 basis points. Also, a bigger margin more than the base rate can mean that clients will be expected to disburse the same interest rates for house loans exceeding one crore. For instance, the rate for Maxgain home loans for more than one crore, which is at 9.75 percent for female customers, is brought down only by 20 bps, while no such change can be availed by other customers.

      28th October 2015

    • SBI home loan clients to get a mere 50 percent benefit

      The elation over SBI's 40 bps cut in rates is expected to get insipid significantly for house purchasers. As the largest public sector bank in India, the interest rate on fresh housing loans can only be 20 bps lesser, which is way lower than benchmarked by RBI. The 40 bps cut in the SBI base rate will not completely be applicable to new housing loan clients. This decision was mandatory to safeguard the bank’s margins. Ms. Arundhati Bhattacharya, the Chairman of SBI had previously proposed that the bank be permitted to introduce a teaser loan-type policy to entice new applicants. But this was not accepted by the RBI. All in all, it is quite a strange situation where old customers gains more than new clients due to a policy change.

      21st October 2015

    • SBI to Offer Lowered Rate to Women Home Loan Borrowers

      SBI, the nation’s foremost public sector bank, has always led the way when it comes to offering the benefit of rate cuts to its customers. Only last week, the bank slashed its lending rate by 40 basis points, bringing down the base lending to 9.30%. Following this rate cut, the bank is now offering a revised rate on its home loan products. The current rate for home loans is fixed at 9.55% for borrowers. However, in an encouraging move, the bank will be offering a special rate of 9.50% to all women home loan borrowers, which is 5 points below the rate reserved for all borrowers. The base rate is the floor rate, below which banks do not lend. This revised rate for home loans came into effect from October 5, 2015 and will be applicable to all borrowers, regardless of the loan amount.

      After the rate slash announced by the RBI, other leading lending institutions like ICICI and HDFC have fixed their home loan rates at 9.85%. SBI has been making steady progress at capturing the home loan market over the years with its attractive rates. Currently, the bank’s home loan sale stands at a whopping Rs 1.69 lakh crore, a figure which, based on reports, is growing at a steady pace of 15% each year.

      12th October 2015

    • SBI slashes home loan rates by .40 percent

      The RBI has proclaimed some steps to upsurge flow of funds to Indian markets like cutting down rates by .50 percent. It said that the parameters for overseas portfolio savings in debt securities will be declared in rupee terms. Immediately after deducting repo rates by the RBI, India’s biggest public bank, SBI cut down the base rates by .40 percent. It will 9.3 percent from 5th Oct, thereby setting the trend for benevolent interest rate system. With the decreased base rate, every loan product including home loan, auto loan and others would be comparatively cheaper. SBI Chairman Ms. Arundhati Bhattacharya is positive about this state of affairs as inflation has come down in spite of poor rains. The yardstick repo (re-sale rate) currently stands at 6.75 percent from 7.25 percent previously.

      1st October 2015

    • State Bank of India aims at 14% Overall Loan Book Growth

      SBI is targeting an ambitious 14% loan growth for this financial year. However, analysts are skeptical of SBI achieving this target because of the multi-quarter low 6.6% loan in March-June. Subdued commodity prices, weakening demand from corporate and a slow growth in macro economy seems to be impacting SBI’s loan growth. Analysts expect an average of 11.6% growth in this financial year. Devaluation of Chinese currency Yuan and decrease in the prices of commodity will be a huge obstacle for SBI to cross to achieve 14% growth. A key driver will be retail loans that comprise a fifth of total loans and refinancing of huge corporate loans will contribute to loan book’s growth. Improvement in infrastructure credit that forms 16.2% of domestic loans will be a key factor for SBI’s growth.

      With SBI setting aggressive targets, this might just be the right time to apply for a home loan from SBI. SBI offers one of the most affordable home loan in the market. Now you can apply for SBI Home Loans on BankBazaar in an instant.

      15th September 2015

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